RETAIL INDUSTRY:

CHAPTER 1: INTRODUCTION

Definition: Retail is the sale of goods to end users, not for resale, but for use and
consumption by the purchaser. The retail transaction is at the end of the supply chain.
Manufacturers sell large quantities of products to retailers, and retailers sell small
quantities of those products to consumers. Also Known As: retailing, retail sale, retail
transaction

Retail is when things are sold to the general public. If you go to a Retail store it means the
kind of store you would find at the mall. Wholesale is how the retail stores get their
merchandise to sell to you. Retail means to sell goods directly to the public for their own use

DESCRIPTION:
Retailers purchase items from a supplier or wholesaler for re-sale at a profit. The retailer
earns his living by making a profit on the re-sale. To do this the retailer may offer only one
type of product, where there is little competition, and use a substantial markup (such as an
auto dealership), or the retailer may offer many different products or models, so customers
will be certain to find an item to buy in this store and not in a competitor’s store (such as a
convenience store). Some retailers earn a small profit on many items and rely on the volume
of sales (such as grocery stores), or turnover, to account for their profits. For these reasons,
the retailer will constantly assess whether items for sale are turning over properly, and if
necessary, will retire an item or product and introduce new items or products for sale.